Dow had almost done 0.618 Fsbonacci level, Today's low is 32655,where as Fabonacci level is 32500. As said 0.618 Fabonacci levels is a very strong level, Dow can reverse from here up to 0.368. Last five days Dow is making steep lower low and lower high. (Red line). Today is fifth day Dow is continuing with lower low lower high. No5 also denotes Fabonacci No. It is always good to be coutious from here onwards. Any break above red line Dow can change its trend atleast for short term. So keep trailing SL above Red line and continue short position. Any time if Dow close above yellow line running up from 31388, will confirm Dow's up trend and shorts need to be covered that point if not covered above red line.
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Dow had given a low of 32580, 100pts to 32491 (Fibonacci 0.618 ), Dow had made a recovery of 200 points, which is a decent up move. If Dow closes here then a morning star candle stick pattern is formed at the 5th-day downtrend, Dow short can be covered here, or keep trailing SL above the red line. After five red candles, there are chances of Green Candles tomorrow and on Monday.
